“The first of two measures related to Speaker John Boehner’s ‘Plan B’ tax proposal, HR 6684 would put off the sequestration, or automatic spending cuts, for one year, replacing it with other spending cuts,” C-SPAN explains.

“The House will then proceed with a series of roll call votes before taking up H J Res 66, Permanent Tax Relief for Families and Small Business Act. This measure would permanently extend the Bush-era tax rates for everyone on the first $1 million of earned income. Those earning more than $1 million would pay a higher tax rate,” the report adds.

House Minority Leader Nancy Pelosi (D-Calif.) has assured members of the press that her Democrat colleagues won’t support Speaker Boehner’s “Plan B” proposal and Senate Majority Leader Harry Reid (D-Nev.) has said that the Senate will not hear the proposal even if it passes the House.

President Obama has vowed to veto “Plan B.”

UPDATE(S):

It appears Speaker Boehner’s backup tax bill has run into a bit of trouble:

The House is now in an unscheduled recess, prompting the Q, does Boehner have the votes for Plan B? Yowsa. #fiscalcliff

There are reports that Sen. Rob Portman (R-Ohio) has been seen trying to rally his former House colleagues to support “Plan B.” However, based on other reports surrounding the impending vote, it doesn’t seem to be working: